BML to administer funds for govt's COVID-19 recovery scheme

As part of the Government’s recovery plan due to the COVID-19 outbreak, Bank of Maldives (BML) has announced that it will support the Ministry of Finance in the implementation of the COVID-19 Recovery Scheme.

According to BML, this scheme allows individuals, cooperatives and businesses financially affected by the COVID-19 pandemic to apply for financing to meet working capital requirements.

BML will administer the funds allocated to resorts, as well as any other businesses with over MVR 10 million turnover. This is an unsecured facility provided at 6% interest per annum for 3 year period, including a grace period of 6 months during which no interest or principal payments will be made.

Businesses that are outside this category can access the COVID-19 Recovery Scheme through other financial institutions, as outlined by the Ministry of Finance, said BML.

BML is also offering 6 month moratorium on principal and interest payments of housing, personal and business loans. The repayment period of loans granted under the National Student Loan Scheme have also been postponed by six months.

The government has announced that precedence will be given to businesses that protect the rights of its employees in issuing assistance under the economic recovery package.